Australian coal exports via Gladstone hit intra-year high in June

Coking coal accounts for around 70% of Gladstone's total coal throughput, making the port a major export conduit from coal mined in the central Queensland coal fields, Mysteel Global notes. Compared with May, the June reading jumped by a large 41% and by 13.6% from June last year, according to GPC data.

June coal shipments from Gladstone port to Japan surged 46% on month and 27% on year to 2.24 million tonnes, their highest level since November 2022, the GPC data shows.

Australia's coal exports via the port to China in June climbed 71% on month and 5.5% on year to reach 576,221 tonnes, also marking the highest monthly level so far this year.

Early in June, Chinese buyers' interest in Australian cargoes rose following sudden domestic coking coal shortages and price surges. Many Chinese mines were ordered suspended for inspections from late May after the deadly mine explosion at an underground mine in North China's Shanxi province, as Mysteel Global had reported. This gave a significant boost to coking coal prices in China, as reported.

According to Mysteel's tracking, on June 8 coking coal produced at the Blackwater mine was priced at $226/wmt CFR North China ports, up $25/wmt from the end of May. While the price later faltered alongside soured sentiment in the Chinese market, on June 30 it was still $8/wmt higher on month at $209/wmt.

The Blackwater mine, mainly owned by Sydney-based Whitehaven Coal Limited, typically sees its coal transported by rail to Gladstone port for export, Mysteel Global notes.

Among other major overseas destinations for coal from the port in June, shipments to India reached 1.16 million tonnes, up 11.5% on month but down 26% on year.

Exports to South Korea dropped 10.4% on month to 1.29 million tonnes in June. However, on a yearly basis, coal cargoes dispatched from Gladstone to Korea were still higher by a large 52%, according to the GPC data.

During this year's January-June half, combined coal exports from Gladstone port totalled 33.27 million tonnes, up 10.5% from the same period of last year, the data shows.

Written by Adrian Zhou, zhouwenhaoa@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com